Philip Lane, chief ECB economist and board member, attempted to make up for the unfortunate statement by the president, Christine Lagarde ("we are not here to narrow the spreads") that yesterday spread the panic in the markets by making the Italian markets worst day in history.
In a note published this morning on the Eurotower website, Lane clarified that the ECB is ready for extraordinary operations to deal with the impact that the spread of the virus will certainly have on the economy. The Bank, therefore, reopened the door to flexibility and aggressive interventions to support industrial production and government spending plans.
It is probable that this clarification is not enough on its own to change the orientation of the markets but certainly, at least temporarily, relieves governments from having to deal with the stability of the financial markets and the liquidity of the bond markets.
The full text of the speech is here: